Crude oil (WTI) is trading around $66.20 per barrel, undergoing a technical correction after reaching the 7/8 Murray around $67.00.
Crude oil is expected to resume its upward cycle in the coming days; however, we could expect it to reach support levels around the 6/8 Murray located at $65.62. This level could offer a good technical rebound, and WTI is expected to reach the 8/8 Murray around $68.75 in the coming days.
If crude oil falls below the 6/8 Murray, which represents good support, it is expected to continue its technical correction cycle, and it could reach the 21 SMA around $64.49 or around the 5/8 Murray located at $64.06.
If the downward pressure prevails, oil is expected to fall to the lower band of the bullish channel located at $62.50. This level could be seen as a good point to take long positions with targets at $68.50.
Given that crude oil has an upward trend, a 61.8% retracement around $64.06 will be seen as a good point to take long positions in the coming days.
